FDIC Chairman Sheila C. Bair today announced the appointment of Jesse O. Villarreal, Jr., as her Chief of Staff, effective October 24, 2006. As Chief of Staff, Mr. Villarreal will oversee all of the day-to-day operations of the Chairman's office.

"I am very pleased that Jesse has agreed to serve as my Chief of Staff," said Chairman Bair. "Jesse has served with distinction throughout his career, most recently as Senior Advisor to the Assistant Secretary for Financial Markets at the Department of the Treasury. During my tenure as Assistant Secretary for Financial Institutions at Treasury, Jesse served as my Special Assistant. So I am well aware of his strong leadership skills, sound judgment and extensive government experience, particularly in the financial services field. With these attributes, Jesse will certainly be a valuable asset to me and to our entire management team."

Prior to his position as Senior Advisor to the Assistant Secretary for Financial Markets, Mr. Villarreal served as the Director for Critical Infrastructure Protection and Compliance Policy at Treasury. He also previously served as Associate Director for the Office of Cabinet Affairs at the Executive Office of the President, where he worked as a liaison between the White House and the Departments of the Treasury and Commerce, the United States Trade Representative, the Small Business Administration, and the Social Security Administration. Before serving as Special Assistant to the Assistant Secretary for Financial Institutions at Treasury, Mr. Villarreal worked for JPMorganChase, where he was recognized with the Texas Leadership Forum Award.

Mr. Villarreal earned his Bachelor of Business Administration degree from the University of Texas at Austin.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,778 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-96-2006